"This would be a natural place for a pullback for both of the major indices, and I say that in part for the Dow Industrials," Katie Stockton, chief technical strategist at BTIG, said Tuesday on CNBC's "Power Lunch." "If you look at a one-year chart, you can see that they're approaching some resistance or potential resistance around 22,000. That's a round number."

"You'll notice at past round numbers — 21,000, 20,000 — there was some short-term resistance at those levels, so it would be a very natural place to see a pullback for the Dow Industrials and for the ," Stockton said.

Stockton also dismissed concerns about the divergence between Industrials and Transports influencing a pullback.

"I know a lot of people talk about Dow theory, whenever you get a divergence between the Transports and the Industrials, but I wouldn't read too much into it," Stockton said. "I think that Transports, while they might exhibit downside leadership during pullback, I don't see it as a big warning signal here."

The technical analyst also noted that overbought stocks such as stocks in technology and transports have been major Dow leaders, but may have a reason to be concerned.

"I am concerned about the mean reversion we have already started to see, where the overbought stocks — like the Facebooks of the world, or the Boeings of the world — that have really run up, they're looking somewhat overextended here," Stockton said.

"Whereas you're catching a bid in the more oversold areas in the market, say, energy, or retail," she said, "soI think that will persist. But really just for the next couple weeks, and that thenwill ultimately give way to a buying opportunity."